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Global Smart Parking Systems Projected to Grow at a CAGR of 20.2% Through 2022

Increasing number of vehicles and less availability of parking spaces, flexibility and ease of use in the parking systems, technological developments in smart parking systems and adoption of smart parking solutions by municipalities are some of the factors that drive the global market of smart parking systems.

Albany, NY -- (SBWIRE) -- 12/07/2017 -- According to a latest study with title "Smart Parking Systems Market (By Parking Site Type - On-street Parking, Off-street Parking; By Component - Sensor and Network Hardware, Software, Services; By Application Areas - Airports, Government and Municipalities and Corporate and Commercial Institutions) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2022" added to the repository of Market Research Reports Search Engine (MRRSE), the revenue for global smart parking systems market is estimated to grow with value US$177.1 mn by the end of 2022. The report also says that in terms of CAGR, the market will show a growth of 20.2% CAGR during the assessment period 2015 to 2022.

The report includes executive summary that shares key details of global smart parking systems market such as revenue and year-on-year growth from 2014 to 2022. The next section for market overview covers basics of the market, market drivers, restraints, opportunities, technology overview, market trends and competitive landscape.

According to the report, the increasing number of vehicles and less availability of parking spaces, flexibility and ease of use in the parking systems, technological developments in smart parking systems and adoption of smart parking solutions by municipalities are some of the factors that drive the global market of smart parking systems. Further, the study analyzes that factors such as interoperability and system integration issues, low consumer awareness and lack of funding for deployment in various countries are restraints to the growth of the market.

The global smart parking systems market has been segmented into parking site, component, application areas and geography for detailed analysis. The parking site segment is sub-segmented into on-street and off-street. The component segment is further divided into software (management and analytics software and mobile applications), sensor & network hardware and type. The application segmented is bifurcated into government & municipalities, airports and corporate & commercial institutions. The analysis for these segments is shared in terms of market revenue from 2013 to 2022 in USD.

Geographically, the global smart parking systems market is categorized into key region which are Latin America, Middle East & Africa, Asia Pacific, Europe and North America. The region wise analysis is shared in terms of key trends and market revenue for every segment.

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